Question # 1

Amount due to the deceased partner is generally transferred to

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Executor's loan

Profit and loss accounts

Capital account

None of thess

To make provision for the replacement of the assets. the method is to be ysed is.

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Written down value method

Annuity method

Sinking fund method

Insurance policy method

Share capital int he balance sheet is known as.

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Asset

Liability

Income

Reserve

Under aunuity method, the annual charger for depreciation wil be debited to.

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Assets account

Depreciation account

Interest account

None of these

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

When a new partner is admitted with out the consent of the old partner.

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Partnership will be dissolved

Will value

Agreed value

None of these

The maximum number of member in case of public limited company can be

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Forty

Fifty

Sixty

No restriction on maximum number

If some proparty is owned jointly with out any attention to carry on a business it is called.

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Partnership

Co- ownership

Sole ownership

Agency

Receipts and payments account records transaction relating to

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Past year

Future year

Present year

All of the above

The persons who have entered in partnership are collctive called.

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A firm

Agents

Partners

Promoters

A company comes into existence when the registrar issue the

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Prospectus

Certificate of incorporation

statement in Lieu of prospectus

Companies ordinance

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

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Memorandum of association

Article of association

Prospectus

None of he above

Profit of revaluation should be credited to.

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Revaluation account

Liabilites accounts

Old partners capital accounts

Assets accounts

The company formed by teh means of Royal Charter is called.

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Public limited company

Private limited company

Charterd company

Registered company

On the detah of the partner the amount of the joint policy credited to the capital account of.

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Remaining partners capital account

All partners capital accounts

Deceased parners capital account

None of these

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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Principles of Accounting Icom Part 2 English Medium Online Test MCQs With Answers

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